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What is Blockchain – The Complete Guide

Nowadays, Blockchain is one of the most famous and discussed a thing, but several people just know about Blockchain’s existence but are unaware of its actual meaning and uses. On the internet, several guides state that they offer a complete guide regarding Blockchain, but unfortunately, they are also unable to provide complete information.

But if you want to know everything about Blockchain, then do follow this article till the end. As with the help of this article, we are going to discuss everything about Blockchain, it’s used, why it’s created, and many more things.

What is Blockchain?

In general, if we extract the name “BlockChain,” then we would be able to get that it is just a chain of blocks. But do you know it’s enough to explain the most discussed thing nowadays? I don’t think so.

For explaining to you what Blockchain has a look here, Blockchain is that thing or program in which the digital information is stored in a public database, which is its correct meaning. In the case of this definition of Blockchain, the block is stated as the digital information while the chain is stated as the public database.

Who controls Blockchain?

There are several countries that are trying to make people of their country use cryptocurrency, for doing so they are taking several steps. But no country’s government is controlling the complete blockchain platform.

Now you would be thinking that blockchain they are not controlled by any country or governments then who is? So let me tell you that Blockchain is a decentralized and open-source platform, which means that it is free to read program in which anyone can make changes. So this states that no one is controlling the blockchain platform, people from various communities are making changes on their part for usage.

What are the three pillars of Blockchain?

As you may know that everything is made with the help of some elements, functions, and supports. The same is the case with Blockchain as it has also been made, or we can say that there are three strong pillars, which are helping the blockchain platform to stand. Let us have a look at all those pillars-

1. Governance

As you all know everything has it’s rules and regulations to be followed and to make sure those platforms are following those rules there are protocols that help in the governance. The same is the case with Blockchain, as several rules should be followed while working with it.

The users had faced several problems with Blockchain when there were no governance-based systems. But nowadays it is safer than ever as everything is being governed for an enhanced blockchain platform with better safety features.

It there would have no governance. The whole blockchain platform must have become a boon for everyone, and no one must have invested or shown their interest in the blockchain platform.

2. Economics

Now, let us have a look at why and how economics is defined as the second pillar of Blockchain? So the basic working of economics is in the cryptocurrency and bitcoin area. This is because on other platforms when you contribute something to that platform, it will never give you any reward.

Hence, because of this, your data on such a platform is not safe. But in the case of Blockchain, whenever you contribute to this platform, every time you get a reward, and that could be in the form of tokens which you can convert it in any form, either in cryptocurrency or anything.

This is why economics is defined as the second pillar of economics.

3. Technology

I hope you all must be knowing why technology is called as the third pillar of Blockchain. The basic reason is that with the help of technology the overall security and scalability of this platform can be enhanced. With the help of a technology blockchain platform is easily available to its users, moreover, they can make transactions directly from any place of the world any many more things.

These were the three pillars of Blockchain, with the help of which the blockchain platform is being used all over the world, and hence we can see several enhancements in this platform.

What are the real-life uses of Blockchain

Blockchain is used for a number of things, although people just know about it’s 1-2 uses only. To know all the places where Blockchain is and can be used, have a look at the points listed below.

1. Money Transfer

The first use because of which Blockchain is being used extensively, and that is in the cases of payment processing and transfers. With the help of a blockchain platform, you can easily transfer your money from one place to another without any chaos. Moreover, it is one of the faster ways to make transfers and transactions.

2. Monitoring supply chains

Not everyone knows about this use of Blockchain, but it helps in monitoring supply chains. With the help of this use, the businesses would be able to enhance their viewpoints. In the future with the help of this use, the consumers would be able to look at the overall performance of a particular product easily.

3. Customer loyalty rewards

When you will buy things with the help of bitcoin at that time you would be able to earn rewards. So the third use of Blockchain is that you would be able to earn loyalty rewards. There are a number of shopping complexes that are making bitcoin for purchasing products work.

4. Providing secure digital identities

The fourth use of Blockchain is to provide a secured Digital ID to the users. With the help of Blockchain, you would be able to share data from one person to another easily and in a faster way. This is because of the Data Marketplace that is being introduced recently in the blockchain platform.

5. Digital voting purposes

It can be used for Digital voting purposes, as this is a secured platform where your data and identity will be completely encrypted. So with the help of this platform, several places are thinking of making it useful for digital voting purposes.

6. Transportation system monitoring

With the help of Blockchain, you would be able to have a look at the transportation of various products with the help of tracking features offered on this platform.

7. Creating data backups

Blockchain is the best way to backup your whole data, and the most significant advantage is that firstly, your data will be completely secured and would be accessible to you only. Moreover, if you stored data at this platform, you would never face any hacking issues.

8. Eradicate the paper slips

One of the most crucial uses that could be used with the help of the blockchain platform is to eradicate the paper slips. With the help of Blockchain, you would be able to deal in real estate, auto buying issues, and many other such works.

There are several real-life uses of Blockchain, which are being used right now in various parts of the world. But the above-listed are some of the most important ones.

The working principals for Blockchain technology

We have already discussed that a Blockchain is a growing list of records, called blocks, that are linked using cryptography.

But for taking advantage of all these purposes you need to take care of these working principals for Blockchain, those are as follows. This is how blockchain allows Bitcoin and other cryptocurrencies to operate without the need for a central authority. But it needs some principals and protocols operate in this manner. So let us check what are the working principals for Blockchain technology.

  1. The first step is to create a private key with the help of creating and digitally signing it. The private key is a type of data structure, which consists of the transfer value, sources, destinations, and many such trading purposes things.
  2. The second step is to propagate the data and transactions among all the members.
  3. The third step consists of the confirmation process.
  4. The fourth step is to make sure that future block starts linking with your blocks automatically. It is also a type of second confirmation phase.

What are the purposes of Blockchain?

The primary purpose of Blockchain is to provide a type of platform where users can rely on and can easily store their data safely without any issues. Moreover, you would be able to take advantage of money transfer and other such works, although there are a number of purposes for which the blockchain platform is being used.

Let us now have a look at some primary purposes of Blockchain.

  1. As the first purpose we discussed is that with the help of this platform, you would be able to store your data with complete security.
  2. You would be able to make trades with the help of this platform with the use of bitcoin and other means.
  3. You can even use this platform for neglecting the use of any third-party app. You may be knowing that while making any transaction, you don’t have to use any third-party app, the blockchain platform does everything on its own.
  4. It also offers it’s user a wholly secure and valid digital id which can be used for various means.

Some unknown facts about Blockchain

This was all about what is Blockchain, let us now have a look at some unknown facts related to Blockchain

  1. A lot of people are not aware of the fact that the identity of blockchain creator is not known yet. In 2008 a blockchain platform crypto sphere was created by a name pseudonym, Satoshi Nakamoto. But no one knows that who is behind this name, either that is a single individual or a group of people.
  2. Everyone has heard about bitcoin, but do you know that bitcoin was the first blockchain innovation that was created. Now it is being used all over the world.
  3. 0.5% of people from all over the world use Blockchain, which is a vast and impressive number.
  4. In 2016 IBM launched a blockchain innovation center, and the main motive behind this launch was to enhance the adoption rate of Blockchain.
  5. There are two types of Blockchain’s, and those are public and private ones. Public Blockchain is available to everyone, while a single person or organization controls the private Blockchain.
  6. There are more than 300 million transactions that have been made till now with Blockchain.
  7. Blockchain transactions are faster and safer than other methods because of which several banks are using or thinking to start using Blockchain.
  8. Blockchain does not only help in holding the cryptocurrency works. But several companies are using it to make their data secure as Blockchain is also noted as one of the safest platforms.
  9. Every one of you must have heard about the Internet of Things(IoT). You would be able to connect IoT with Blockchain and hence enhance its usage, security level, and many other things.
  10. As Blockchain was having some issues in its system, getting rid of that HetaChain is the blockchain platform that states to have no such blockchain issues that people faced with other platforms.

How to become a blockchain developer?

When the blockchain platform was new at that time, it had a limited scope. But from the time when it starts coming to new and people can make a lot of profit using this platform, the scope of this platform has become vast and is no more limited. Moreover, by having a look at its regular performance, we don’t think that it will fall ever now.

By having a look at these facts, several people want to become a blockchain developer, but as the awareness about this platform is a bit low, this is the reason why people are facing issues in knowing what they need to become a blockchain developer. So if you are also facing this issue, then have a look at the points listed-below as we will discuss everything about how to become a blockchain developer.

1. Learn the basics

The first and most important thing you should keep in mind while you are trying to become a blockchain developer is to know the basics of this platform. Under the basis, you would have to know about various things such as

Blockchain- It is the chai of blocks where you would be able to store your data securely and hence can do several things such as trading and many more.

Decentralized- This platform is called decentralized because it’s an open-source platform and is not supervised by an appropriate authority or person.

Consensus Mechanism- With the help of this mechanism, the blockchain platform can come under a general agreement.

Miners- These are the users who use mining processes for blocks.

2. Learn some advanced Blockchain concepts

The second thing to keep in mind is that everything has a particular process. So if you want to work with Blockchain, then you would have to learn the process of working with it. The most important thing to learn is how the exchanges of blockchain work and the second thing are to know the process that takes place on your blockchain wallets.

3. Choose the appropriate programming language to start with

You may be knowing that C++, Java, Python, JavaScript, Go, etc. are the most used is the language that’s used in the coding for blockchain development. If you want to be a blockchain developer, then you would have to learn this language as you are going to face several problems with the backend of this platform.

Solidity and Simplicity are the new entries for this list.

  • Solidity is an object-oriented, high-level language for implementing smart contracts. Smart contracts are programs that govern the behavior of accounts within the Ethereum state.
  • Simplicity is a typed, combinator-based, functional language without loops and recursion, designed to be used for cryptocurrencies and blockchain applications.

4. Start developing

The fourth step is to start creating your Blockchain. There are a total of three steps that you need to take care, and those are as follows

  1. The first thing is the genesis block that is the first and starting block of a blockchain.
  2. The second step is to start adding block to the genesis block and enhance its existence.
  3. The third and essential step is to check for error and have a look at your blocks that no one is messing with your Blockchain.

Conclusion

So we have learned about Blockchain, who controls Blockchain, what are the three pillars of Blockchain, its real-life uses, the working principals, purposes and some unknown facts. We have discussed becoming a Blockchain developer also.

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